23 May '11, 7am

RPT-MARKET EYE-BofA Merrill cuts steel cos target prices on cautious outlook

(Repeats to fix formatting) Bank of America Merrill Lynch has cut target prices of Indian steel makers across the sector by 2-11 percent on moderating fundamentals and near-term margin risks in a market where domestic prices are expected to correct further. Lower steel prices & higher coking coal costs should squeeze margins "in the near term," BofA said in a note. "We remain selective & maintain our cautious stance on SAIL, Tata Steel & JSPL. Retain Buy on JSW due to volume growth & as negatives are likely priced-in post sharp under performance over last 6 months," it said. ------------------------------------------------------------- Company Name Target Price Previous Rating

Full article: http://sg.news.yahoo.com/market-eye-bofa-merrill-cuts-ste...

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